The Suez Canal Authority (SCA) has signed a strategic partnership agreement with Anchorage Investments to build a large-scale petrochemicals complex in Ain Sokhna, northwest of the Gulf of Suez within the SCZone.
The $2 billion first phase of the project will produce polypropylene (PP) from raw propane and generate hydrogen as a secondary product. The second phase will expand production to other petrochemical products. In addition, it will add complementary industrial units focused on exports and sustainability. Moreover, it will bring the total estimated investment to $4.5 billion.
Adm. Ossama Rabiee, Chairman and Managing Director of the SCA, witnessed the signing ceremony at the Authority’s headquarters in Ismailia. He emphasized the SCA’s commitment to partnering with the private sector to develop large-scale industrial projects.
“We are keen to build bridges of cooperation with successful private-sector partners,” said Adm. Rabiee. “This project maximizes the value of the SCA’s assets, diversifies income streams, and supports Egypt’s strategy for industrial growth and economic resilience.”
The complex is expected to create over 2,500 direct and indirect jobs. It will also include programs in occupational safety.
Dr. Ahmed Moharram, Founder and Managing Director of Anchorage Investments, expressed pride in the partnership, noting that the Anchor Benitoite Complex represents “a shared vision to develop world-class, export-oriented industries aligned with sustainability and advanced industrialization goals.”
Anchorage Investments has made significant progress in project development, securing global partners in technology, engineering, and construction. Also, the project structure follows international standards for governance, transparency, and long-term flexibility.
Lastly, the agreement was signed by Dr. Montaser Khalil, Director of the Financial Department at the SCA, and Dr. Ahmed Moharram, representing Anchorage Investments.
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